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Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory

Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory ( BBT ) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial well-being. Using a convenience sample of 993 U.S. adults, emotions were found to explain the variation in family financial well-being, measured by income and net worth, of U.S. households beyond demographic variables. More specifically, feelings of contentment, love, anger, anxiety, and loneliness were found to be associated with financial well-being. Results suggest that policymakers, financial professionals, and academics should collect more data on the emotions of individuals to help explain the variation in the financial well-being of U.S. households. Results also provide evidence in support of the financial counseling industry’s efforts to incorporate emotions as an important variable when modeling family financial well-being. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory

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Publisher
Springer Publishing
Copyright
© 2022 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/jfcp-20-00030
Publisher site
See Article on Publisher Site

Abstract

The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory ( BBT ) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial well-being. Using a convenience sample of 993 U.S. adults, emotions were found to explain the variation in family financial well-being, measured by income and net worth, of U.S. households beyond demographic variables. More specifically, feelings of contentment, love, anger, anxiety, and loneliness were found to be associated with financial well-being. Results suggest that policymakers, financial professionals, and academics should collect more data on the emotions of individuals to help explain the variation in the financial well-being of U.S. households. Results also provide evidence in support of the financial counseling industry’s efforts to incorporate emotions as an important variable when modeling family financial well-being.

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: May 2, 2022

References